It’s not a secret that athletes tend to generate millions of dollars every year. Unfortunately, a lot of them do not make any smart investments or no investments at all; therefore, in a short period of time, they end up losing everything and thus end up bankrupt. There is a long list, but here are the top ten athletes of that list that are worth the mention due to their massive financial fall.
10. Diego Maradona
It is clearer than water that Mr. Maradona is one of the best soccer players of all time. He even received the Player of the 20th Century award by the FIFA. Even though he has made millions, due to his habit of purchasing expensive jewelry and clothes, as well as past drug habits and unpaid taxes, today, Diego finds himself bankrupt.
9. Sheryl Swoopes
It is known that WNBA salaries are not high. The highest paycheck is a little more than $100,000 USD, but Ms. Swoopes was able to earn more than $50 million due to her partnership with Nike Air Swoopes. Unfortunately, due to bad investments, this three-time Olympic gold medalist lost everything and filed for Chapter 13 bankruptcy in 2004. Nowadays, she cannot even pay a motel to sleep in.
8. Darren McCarty
This NHL player garnered $15 million in his 15-season career, but due to gambling and drug addiction, he ended up filing for bankruptcy in 2006. Nowadays, you can find Mr. McCarty working at a pawn shop which is featured in TruTV’s show Hardcore Pawn.
7. Antoine Walker
Mr. Walker, a three-time NBA, NCAA, and NBA All-Star champion, was able to garner $108 million in just 13 years, but due to him not wanting to wear the same designer clothes twice and gambling problem, he lost it all. In 2010, he filed for Chapter 7 bankruptcy.
6. Mike Tyson
Even though throughout his career he was able to garner more than $400 million, in 2003, which is before he retired, Mr. Tyson declared bankruptcy. He spent his money on lavish houses, cars, and parties. One of his houses is now owned by rapper 50 Cent. Nowadays, he just thinks about the heydays when he was rich and popular amongst the crowds due to his WBA, IBF, and WBC championships.
5. Lenny Dykstra
This baseball player made millions of dollars, but due to money laundering, concealment of assets, and bankruptcy fraud, he ended up with nothing and sentenced to more than half a year in prison. It seems like Mr. Dykstra was taking all the wrong measures to not end up bankrupt which is why he ended up being bankrupt anyway.
4. Allen Iverson
Due to a very messy divorce, Mr. Iverson is financially unstable. Allegedly, at one of his divorce proceedings a couple of years ago, he pulled out his pant pockets and stated to the judge and his former wife, who wanted money, that he didn’t even have money to purchase a cheeseburger. Thankfully, Mr. Iverson has a trust fund worth $30 million which he won’t be able to touch until the year 2030. In the meantime, he has many years to think about how to use that money wisely so that he never again finds himself in the position that he is currently in.
3. Michael Vick
As a quarterback, Mr. Vick made more than $100 million. Due to spending two years in prison in regards to a dog-fighting ring, he lost a lot of money. From prison, in 2008, he filed for bankruptcy protection. The good thing is that he has been able to pay back almost all of his debt which was that of $18 million. He does have some money, but it doesn’t reach half a million.
2. Dorothy Hamill
This gold medal figure skating was once thought to be more popular than Michael Jordan. She made millions. She signed a $1 million dollar contract to skate for the Ice Capades franchise, but in 1996, she filed for Chapter 11 bankruptcy due to her and her husband conducting bad business decisions. Unlike others on this list, Ms. Hamill is making a couple of dollars here and there by writing. In 2007, she made it to the New York Times with her memoir A Skating Life: My Story. That helped her pay the rent for a while!
1. Terrell Owens
As an NFL wide receiver from 1996-2011, he made more than $80 million, but due to bad investments and $50,000 of monthly child support, he lost it all. It has been rumored that Mr. Owens is struggling to buy food.